Did You Know?
Golf is a village in Cook County, Illinois, incorporated in 1928. As of the 2010 census, the village had a population of 500. The community is primarily residential, and has a dedicated police department, post office, and Metra train stop.
The village of Golf occupies approximately half a square mile in Cook County, Illinois, roughly 17 miles (27 km) northwest of the Loop.
Why Should You Choose IBA for Your Real Estate Education?
IBA provides Real Estate Courses in Golf and in the other suburbs of Chicago. We have been in business for 20+ years, with our head office in Roselle, IL.
How does one become a real estate broker? To become a real estate broker in Illinois, you must first take pre-licensing courses before you sit for the exam.
Get your real estate license and Launch Your Real Estate Career in Golf with IBA. Find Answers To Your Real Estate Courses FAQ about options to become licensed in Golf.As one of our students said recently "If you need to take any real estate course, go with IBA, I’m serious." This confidence by our students from Golf and all across the Illinois areas is a result of our relentless pursuit for excellent education and service. Steps to Becoming a Real Estate Agent in Golf
1. Successfully complete an approved 75 clock hour Pre-Licensing course with 60 hours of Pre-Licensing education and 15 mandatory interactive hours.
2. After you complete all the course materials, meet the minimum time requirement, and pass the practice exam, you must pass a course final exam.
3. You will have 3.5 hours to take this 140-question test comprised of two portions, covering both state and national requirements.
What Types of Seller or Buyer Queries Do Golf Licensed Brokers and Realtors Handle?
Is paying 6% to sell a home required?
Traditionally, sellers will pay 6% to their real estate agent. The agent in Golf will split the difference between themselves and the buyer's agent. This number has been the standard commission rate since the mid-20th century. But sellers don't have to pay this 6% commission; they have other options.
Discount agents may take as little as 3% to sell a home. Flat fee services can connect sellers with real estate agents who will take over the process - all for a flat fee that saves sellers thousands of dollars. Sellers can also take on the job of being a real estate agent, listing their homes online or through multiple listing services (MLS.)
How do you choose the best broker?
You should not have to learn how to sell houses on your own. The broker you work with should be a mentor and offer training.
There is a huge difference between brokers and real estate companies. Some offer training, mentoring, and guidance, while others offer nothing. We like to tell new agents 100 % of zero is still zero. A lot of brokers offer 100 % commission splits, which means the broker keeps 100% of the commission they make. That sounds great in principle, but there are other fees that will have to be paid. It is not truly 100%, and they offer very limited training. Most agents who start with those companies do not last very long in the business. That is why we say 100% of zero is still zero. If you don't sell any houses, it does not matter what the commission split is.
Other brokerages may offer 70/30, 50/50, or any other number of splits. Some offices may require agents to rent an actual office in the brokerage while others allow work-at-home arrangements. Some brokerages charge fees for everything you use while others include those items. Every office is different, and even some national franchises will have different structures with different office locations. When looking for a broker, it is all about interviewing the local offices in your area to find the best fit.
I think it is important to go with a broker who will offer training since real estate classes do almost nothing to teach you how to actually sell houses and make money.
What are the cons of estate investment ?
Like any investment, there are pros and cons to investing in real estate, in addition to the potential for significant profits. As a result, due diligence is very important, whether you do everything yourself or use industry experts to help.
Here are some of the advantages and disadvantages of real estate investments, which the best investors use to their advantage to increase profits.
1.Real Estate Has Higher Transaction Costs
When purchasing shares of a stock, the transaction cost for the trade is very low, often just a few dollars. But when purchasing real estate, the transaction costs are considerably higher.
Unlike other types of investments, real estate transaction costs can significantly affect the value of the investment and make it more difficult to turn a profit.
2.Real Estate Has Low Liquidity
Many investments are highly liquid and can be bought and sold for a profit in a fraction of a second, as with high-frequency stock trading. But real estate investments are comparably illiquid because properties can't be quickly and easily sold without a substantial loss in value.
Real estate investors must be prepared to own a property for months and years, especially if it will be leased out.
3.Real Estate Requires Management and Maintenance
Once an investor purchases a property, it must be rehabbed, maintained, and managed. Financing payments, real estate taxes, insurance, management fees, and maintenance costs can add up quickly, especially if the property sits empty for extended periods of time.
4.Real Estate Markets Have Significant Inefficiencies
As we've already discussed above, the market's inefficiencies can be advantageous to investors. But here we want to also mention the disadvantages, which can be illustrated by investors purchasing properties sight unseen at auction.
The most aggressive investors purchase real estate based on minimal information and don't know whether they've made a good deal until paying for the property and then inspecting the property. Likewise, investors with rental property deal with fluctuating demographics and volatile economies, which can either add or take away from their bottom-line profits.
Real estate investing involves dealing with market inefficiencies, which can be mishandled to result in financial ruin.
5. Real Estate Creates Liabilities
Real estate investing involves taking on a great deal of financial and legal liability.
All the disadvantages mentioned above add to the liability a real estate investor takes on when purchasing, financing, rehabbing, leasing, managing, and maintaining a property. Even though investment properties may be in a corporation, there are often personal guarantees associated with the business and the risk of losing the income and profits generated by the company.
Like all investments, real estate has advantages and disadvantages.
The best real estate investors leverage both the advantages and disadvantages to increasing profits.
If you would like to see how we use the advantages and disadvantages associated with real estate to produce cash flow and profits, you can get started by filling out an Investor Profile or contact us direct.
Who qualifies for a Fannie Mae loan?
Fannie Mae and Freddie Mac require that all borrowers meet certain credit scores, income requirements, work history, debt to income ratios, and minimum down payments. A few of the items that a lender will look at when considering financing include:
a.Your total monthly expenses.
b.Your total gross income per month.
c.Your employment history.
d.Your credit score and payment history.
e.Your assets, including checking, savings, and retirement accounts.
Your mortgage professional might require additional information after personally reviewing your application, but some basic requirements for conforming loans include:
1.A minimum credit score of 620.
2.A total debt-to-income ratio of 45% or less.
3.A down payment of 3% or more.
4.Down payment funds should come from an allowed, documented asset source.
5.Some Fannie Mae and Freddie Mac loans have income limits.
6.You may need to have a certain amount of cash reserves depending on your credit score and debt-to-income ratio.
How/who comes up with the selling price?
The list price is a figure that the seller and their listing agent in Golf agree on based on the prices of comparable recently sold properties in the same area, the current inventory, prevailing market trends, and several other properties and area-specific factors.
Can a subtenant turn into a tenant?
This can happen if the landlord and you start acting as though the subtenant is a cotenant. The most common issue here is who receives rent from the subtenant. If they start paying the landlord rather than you, they will have a strong argument that they are the landlord's tenant. To prevent your subtenant from gaining the rights of a cotenant, you should make sure that they pay rent to you, and then you can send it to the landlord.
Assigning a Lease
While assignments are often discussed together with subleases, they should not be confused. An assignment transfers the rest of your lease to a new tenant, and it usually happens when you want to move out before the lease is over. While a sublease makes you the landlord of the subtenant, an assignment makes the assignee a tenant of your landlord. All of the terms of your existing agreement with the landlord most likely will apply to the assignee. (There is an exception if the agreement contains a personal term, such as handling errands for the landlord in exchange for reduced rent.) The original tenant, the assignee, and the landlord all will need to sign the assignment document for it to become valid.
Assignments can be risky because the original tenant remains on the hook to the landlord for all of the remaining rent if the assignee fails to pay it. This essentially makes the original tenant a guarantor for the rent, so it may be more appealing to try to terminate the lease early and let the next tenant start a new lease. Sometimes, however, you can work around this default rule and get the landlord's consent to take you off the hook for any rent that the assignee does not pay.
Vacation Rentals (Airbnb)
Many tenants try to earn extra money by listing a home as a short-term vacation rental on websites like Airbnb. You should make sure that your lease permits this type of rental, since you may face eviction if you use Airbnb without your landlord's authorization. You should get any ensuing agreement with your landlord in writing. It should cover issues such as how much of your unit will be leased to the short-term renter, how often you can list on Airbnb, and financial considerations such as any amount of the Airbnb rent that the landlord receives.
In addition to getting your landlord's permission, you will want to make sure that listing your home for a short-term vacation rental complies with any zoning or land use laws in your area. You must comply with any restrictions in these laws, even if your landlord does not require it.
Finally, you may want to purchase renters' insurance, while being aware that it may not cover people in a vacation rental. Some insurance companies are extremely reluctant to provide policies to people who plan to list on Airbnb or similar services.